A Limited Payment Whole Life Policy Provides at Life

A Limited Payment Whole Life Policy Provides. A limited pay life insurance policy has a set period in which you pay premiums into the policy, either for a number of years or to a specific age. At the time of death or 30 years after the policy's inception, whichever comes first b.

At the beginning of the sixth year, the premium will increase to $800 per year but will remain level thereafter. F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. Once you reach the target years or age, premiums are no longer required but the policy’s benefits lasts the insured’s entire life.

When the premium period ends, the policy is paid up. The tax benefits life insurance enjoys are also extended to limited pay policies. Under this policy, the insured can pay the premiums for a specified number of years (i.e 8 or 15 years) or up to a specified age (e.g. Good way to care for your family in the future.